The end of the financial year is fast-approaching, which means you’ve got limited time to take advantage of the Government’s co-contribution scheme to boost your super.

This scheme rewards you for topping up your super with an extra top-up from the Government, providing you meet the eligibility criteria.

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Disclaimer:
We ask that you review the information on this page carefully and seek financial advice if you aren’t sure before you make a decision.
This information is of a general nature and does not take into account your personal objectives, situation or needs. You should assess your own financial situation before making any investment decisions based on this information. Past performance is no guarantee of future performance. Super SA has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No. 232514 to facilitate the provision of financial advice to members of Super SA who wish to take up this service. Further information about the advice services that can be provided by IFS is set out in the relevant Financial Services Guide, a copy of which is available from the IFS Financial Planning team. IFS is responsible for any advice given to you by its Representatives. Super SA does not recommend, endorse or accept responsibility for products or services provided by third-party organisations. Super SA does not accept liability for any loss or damage caused by the products and services provided by IFS.

The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation and needs, read the Product Disclosure Statement (PDS) and seek financial advice from a licensed financial adviser in relation to your financial position and requirements.

Remember, your super is one of the biggest investments you’ll ever have, so before you make any decisions, we strongly encourage you to seek financial advice.

If you don’t have your own financial planner, you can take advantage of the service available to Super SA members via Industry Fund Services.

Contact Super SA for more information on 1300 369 315, or email us at supersa@sa.gov.au.

Your super is unique to you

What is it?

All you need to do is make an after-tax contribution of up to $1,000 into your super by 30 June.

In return, the Government will contribute up to $0.50 for every $1 you contribute.

What do I receive?

If you earn $39,837 or less, you’ll receive the whole $500. This maximum amount gradually reduces once you earn more than $39,837 per annum and reaches zero if your income is $54,837 per annum or more.

We know building your super can seem daunting, particularly if you’re young, but you’re not alone: the Government co-contribution scheme is here to help.

If your total taxable income for the 2020-21 financial year was less than $54,837, you could be eligible to receive up to $500 into your super from the Government.

How does it work?

Check out the table below to see how much you might be entitled to

All you need to do is make an after-tax contribution of up to $1,000 into your Triple S or Super SA Select account before 30 June this year, and lodge a tax return for the 2020-21 financial year.

What do I need to do?

Get started using BPAY

If you have received an email from us, you’ll find your biller code and reference number included.

You can also log into the Member Portal to find your biller code using the following steps - 

  • click on the account name (ie Triple S) under Account Information
  • Scroll down and click on the + sign next to BPAY Details to view your biller code and customer reference number.

Call your bank, credit union or building society to make a payment. More info at www.bpay.com.au.

You can easily make a secure after-tax contribution to your super using BPAY. The minimum contribution is $50 for a BPAY transaction. 

When using BPAY to make a contribution, there may be a delay of up to 48 hours between when you make the payment, and when we receive it.

We recommend you make your BPAY payment by 5pm on Thursday 24 June to ensure we receive your contribution before the end of the financial year.

Alternatively, your financial institution may know the exact date you’ll need to send your payment by to ensure we receive it on time.

Am I eligible?

To be eligible for a Government co-contribution, you must:

  • Be less than 71 years old
  • Make at least one after-tax contribution to your super by 30 June
  • Earn less than $54,837 in the 2021-22 financial year
  • Have at least 10% of your total assessable income and reportable fringe benefits attributable to eligible employment (as defined by the ATO)
  • Not hold an eligible temporary resident visa at any time during the year
  • Lodge an income tax return for the 2020-21 financial year
  • Have a total super balance of less than $1.6 million as at 30 June 2021.

To receive the maximum co-contribution of $500, you’ll need to contribute at least $1,000 after tax, and earn less than $39,837 per year.

NB: The co-contributions phase out altogether when you reach the income threshold of $54,837.

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